What LIKE-KIND EXCHANGE means: An exchange of property held for productive use in a trade or business or for investment (except inventory and stocks and bonds) for property of the same type. Unless different property is received (called boot), the exchange is nontaxable in the current year. Any gain or loss is not recognized until the property received in the exchange is sold or disposed of. Like-kind exchanges are reported on Form 8824.
- Definition Like-Kind Property:
- Dictionary is property acquired in an exchange that is of the same type as the traded property. In addition to other requirements, both the traded and acquired proprerties must be either held for investment or like-kind exchange.
- Definition Lessor:
- Dictionary One who rents property to another. In the case of real estate, the lessor is also known as the landlord like-kind exchange.
- Definition Lien For Taxes:
- Dictionary as part of its tax collection effort, may attach a lien (a legal claim) on the property of a taxpayer who is delinquent in the payment of amounts owed to the IRS and who has not made arrangements to like-kind exchange.
- Definition Land Value:
- Dictionary land in a sale of real property that includes both land and improvements to the land, suhc as a building. Such a sale must be reported as two sales on the tax return: (1) land, and (2) improvements like-kind exchange.
How works Like-Kind Exchange meaning in Tah definition L .